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The document discusses the impact of the WTC attacks on global markets. It notes that interest rates have fallen to April 2001 levels and equity markets have dropped to December 1998 levels. It advises clients to remain patient, maintain a long-term horizon, match their risk profile to fund risk profiles, and follow a disciplined process. It also states that crises often present opportunities for investors, especially if market excesses are corrected.
The document discusses the impact of the WTC attacks on global markets. It notes that interest rates have fallen to April 2001 levels and equity markets have dropped to December 1998 levels. It advises clients to remain patient, maintain a long-term horizon, match their risk profile to fund risk profiles, and follow a disciplined process. It also states that crises often present opportunities for investors, especially if market excesses are corrected.
The document discusses the impact of the WTC attacks on global markets. It notes that interest rates have fallen to April 2001 levels and equity markets have dropped to December 1998 levels. It advises clients to remain patient, maintain a long-term horizon, match their risk profile to fund risk profiles, and follow a disciplined process. It also states that crises often present opportunities for investors, especially if market excesses are corrected.
MARKETS MY CLIENTS HAVE SUFFERED INTEREST RATES HAVE CRASHED TO THE LEVEL OF APRIL 2001. EQUITY MARKETS HAVE CRASHED TO THE LEVEL OF DEC 1998
I CANNOT GO AND FACE MY CLIENT
TEMPLETON HAS DELIVERED TEMPLETON HAS ALWAYS STRESSED RISK OF INVESTING IN DEBT MARKET ( ESPECIALLY IN LAST QUARTER ) ASSET ALLOCATION MODEL RISK ADJUSTED RETURN FAIRNESS AND TRASNPARENCY
FUNDS HAVE PERFORMED IN LINE WITH RISK PROFILE EVEN IN VOLATILE TIMES LIKE THIS
WE ADVISE BE PATIENT HAVE LONG TERM HORIZION MATCH YOUR RISK RETURN PROFILE WITH FUNDS RISK RETURN PROFILE FOLLOW A DISCLIPINED PROCESS
WE HAVE ALWAYS SAID THAT CRISIS IS ALWAYS AN OPPORTUNITY FOR INVESTOR MORE SO IF THE MARKET EXCESSES ARE CORRECTED WHY ARE YOU NOT WORRIED ? ACTION BY CENTRAL BANKS AROUND THE WORLD PAST EXPERIENCE OF WORLD WAR I TO GULF WAR GLOBAL LIQUIDITY : LOWER INTEREST RATES : DEFLATION : GREATER POLITICAL CONSENSUS
LAST WEEK'S TERRORIST ATTACKS ALTER THE OUTLOOK FOR THE GLOBAL ECONOMY, WHICH ALREADY HAD STALLED. THE IMMEDIATE CONSEQUENCES ARE OBVIOUS: U.S. Q3 GDP WILL CONTRACT; SHORT-TERM INTEREST RATES WILL BE LOWER AROUND THE GLOBE; AND FINANCIAL MARKETS WILL EXPERIENCE HEIGHTENED VOLATILITY. IT IS TOO SOON TO KNOW WHAT THE LONGER-RUN IMPACTS OF THESE EVENTS WILL BE. JPMORGAN RESEARCH EXPECTS A PICK- UP IN U.S. GROWTH TO BE DELAYED UNTIL THE EARLY PART OF NEXT YEAR. WITH MONETARY AND FISCAL POLICY EXPECTED TO TURN VERY STIMULATIVE, THE ECONOMY WILL RECOVER SIGNIFICANTLY IN THE SECOND HALF OF NEXT YEAR. BUT INDIA IS DIFFERENT WHAT ARE YOUR WORRIES ? FII OUT FLOWS : PRESSURE ON RUPEE : TIGHT LIQUIDITY OIL PRICE HIKE : INFLATION : RUPEE PRESSURE : TIGHT LIQUIDITY GLOBAL UNCERTAINITY : THIRD WORLD WAR
OIL OPAC WILL ENSURE PRICE STABILITY IN THE MEDIUM TERM
MEETING ON 26/9/2001
NO INFLATIONARY IMPACT
EXPECTED CUTS IN DEMAND IN VIEW OF SLOW DOWN
SEE THE CHARTS FII OUTFLOWS MAJOR SELLING IN SEPT 2001 STILL NOT MORE THAN USD 250 MILLION AT WORST SENSEX AT A PE RATIO OF 9 ON MAR 2001 EARNINGS HOW MANY BUYERS ARE THERE ?
FIIS ARE RATIONAL INVESTOR AND THEIR PANIC WILL SUBSIDE ON OPENING OF US MARKETS ON MONDAY ALL MAJOR EQUITY MARKETS WORLD WIDE HAVE STABILISED. THIRD WORLD WAR GULF WAR EXPERIENCE SUGGESTS THAT MARKETS ARE MORE EFFICIENT PROCESSOR OF INFORMATION MARKETS COLLECTIVELY ARE MORE OPTIMISTIC THAN THE INDIVIDUAL PLAYERS SEE THE CHARTS WHY DID U UNDERPERFORM ? WE WERE CAUTIOUS MOVED PORTFOLIO TO SHORT MATURITY PAPER INSTEAD OF CASH UNFORTUNATELY SHORT END SUFFERED MORE THAN EVEN THE LONG END WE HAVE DELIVERED ON THE FUND SPECIFIC RISK RETURN PROFILE FINAL CUT NO MATERIAL FUNDAMENTAL CHANGES AFTER THE ATTACK RBI IS NO DIFFERENT FROM THE REST OF THE WORLD INTEREST RATES HAVE TO GO DOWN TO SPUR THE ECONOMY IN TOUGH TIMES AHEAD DO NOT EXPECT THE MOON CAN I GIVE U MY CHEQUE ? UNCERTAINITY STILL PERSISTS VOLATILITY WILL BE THE NAME OF THE GAME NO SHORT CUT TO SUCCESS BE DISCLIPINED BE LONG TERM SIP IS THE BEST WAY TO OUTPERFORM THE FUND